The Star Online (Malaysia)
PHNOM PENH: CIMB Group has obtained approval-in-principle to offer banking services in Cambodia by its central bank, the National Bank of Cambodia.
It said the approval allowed CIMB Bank to establish and operate a 100%-owned subsidiary to offer banking products and services to the nation of 14 million people.
"The approval also requires the group to set up operations within six months. The group plans to establish its headquarters in Phnom Penh as soon as possible," the company said in a statement yesterday.
CIMB group chief executive Datuk Seri Nazir Razak said he was pleased to be granted the approval-in-principle and excited about the long-term prospects for the Cambodian economy. "The move further cements our position as a leading Asean franchise. We are now in eight out of 10 Asean countries," he said in the statement.
Meanwhile Bernama reported that Cambodian Prime Minister Hun Sen welcomed Malaysian investors to venture into areas which have yet to be fully capitalised there.
He said the areas included agriculture, agro-industry, infrastructure, labour-intensive and export-oriented industries, oil and gas, mining and tourism. "Cambodia has opened its economy to all investors and treats both local and foreign investors equally," he said during a Cambodia-Malaysia Business Forum at a hotel in Phnom Penh.
The country, Hun Sen said, has opened its economy in all sectors, including banking, insurance and telecommunications in which 100 per cent foreign-owned equity was allowed in such sectors. "This openness has provided several Malaysian companies to pioneer investments in banking and telecommunication sectors ahead of investors from other countries," he said.
Tycoon Tan Sri Dr Chen Lip Keong who set up Naga World Hotel, Axiata in telecommunications, Cambodia Utilities in power generation and Cambrew for Angkor Beer were some of the Malaysian investors' success stories in investing in this country, he added.
It said the approval allowed CIMB Bank to establish and operate a 100%-owned subsidiary to offer banking products and services to the nation of 14 million people.
"The approval also requires the group to set up operations within six months. The group plans to establish its headquarters in Phnom Penh as soon as possible," the company said in a statement yesterday.
CIMB group chief executive Datuk Seri Nazir Razak said he was pleased to be granted the approval-in-principle and excited about the long-term prospects for the Cambodian economy. "The move further cements our position as a leading Asean franchise. We are now in eight out of 10 Asean countries," he said in the statement.
Meanwhile Bernama reported that Cambodian Prime Minister Hun Sen welcomed Malaysian investors to venture into areas which have yet to be fully capitalised there.
He said the areas included agriculture, agro-industry, infrastructure, labour-intensive and export-oriented industries, oil and gas, mining and tourism. "Cambodia has opened its economy to all investors and treats both local and foreign investors equally," he said during a Cambodia-Malaysia Business Forum at a hotel in Phnom Penh.
The country, Hun Sen said, has opened its economy in all sectors, including banking, insurance and telecommunications in which 100 per cent foreign-owned equity was allowed in such sectors. "This openness has provided several Malaysian companies to pioneer investments in banking and telecommunication sectors ahead of investors from other countries," he said.
Tycoon Tan Sri Dr Chen Lip Keong who set up Naga World Hotel, Axiata in telecommunications, Cambodia Utilities in power generation and Cambrew for Angkor Beer were some of the Malaysian investors' success stories in investing in this country, he added.
